Bill Gates named as wealthiest person in America for 17th year

Microsoft co-founder Bill Gates has been named as the wealthiest person in America for the 17th year in a row. Forbes magazine put his fortune at 54 billion dollars with investment guru Warren Buffet second with 45 billion dollars. Software tycoon Larry Ellison was in third place, while Wal-Mart heir Christy Walton was fourth on Forbes' list of the 400 richest Americans.

Those gaining wealth in the list included Facebook co-founder Mark Zuckerberg, whose wealth grew by 245 per cent to 6.4 billion dollars.